Consumer confidence at all-time high in UAE

Top Stories

Consumer confidence at all-time high in UAE

Consumer confidence in the UAE has touched an all-time high, on the visionary leadership of the country, ambitious plans as well as a promising growth in all key sectors, according to the latest MasterCard Index released on Tuesday.

By Abdul Basit

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Wed 28 Aug 2013, 8:49 AM

Last updated: Tue 7 Apr 2015, 7:50 PM

The UAE scores 94.7 for the second half of the year in the MasterCard Index of Consumer Confidence compared to 91.4 in the first half of the year. The latest findings indicate that female respondents are more optimistic than male respondents about the coming months (95.4 vs 93.9), and that consumers over the age of 30 years (95.4) are more optimistic than the younger respondents (92.2).

The Index indicates that the economy gets the highest rank of 96.8 followed by employment 96.1, regular income 93.1, and the stock market 92.8. The stock market index scores higher by nearly six compared to the previous survey, mainly on the bullish sentiments of investors, as the UAE bourses capitalisation increased significantly since the start of 2013.

The Dubai Benchmark index jumped by 1.8 per cent to a new five-year high of 2,748 points as the market traded 1.29 billion shares, the highest volume since June 2009.

“Confidence among UAE consumers has largely been upwards and today we are delighted to announce that it has reached its all-time high,” MasterCard country manager Eyad Al Kourdi said in a statement. Over the past few years, the UAE has firmly positioned itself as an attractive global destination where business, leisure and cosmopolitan living merge, Al Kourdi said.

The sentiments are also very high as the country and specially Dubai is the candidate city for the Expo2020. It is expected that this expo will benefit all in the country and neighbouring countries will also get the benefits with the six-month exhibition. The New York Times recently reported that Dubai is the strongest candidate to win the Expo2020 bid, thanks to government support and owning to political tensions in other countries in the region. Dubai is expected to receive over 25 million visitors during the fair.

Regarding the latest survey, Al Kourdi further commented: “The country’s residents and we are equally positive in our outlook for the future.”

Across the Middle East, the consumer confidence level remains very optimistic with positive scores for all five indicators, despite slight declines when compared to the previous edition of the Index released six months ago.

Consumers are most optimistic about regular income (81.2 vs. 85.1), employment (79.9 vs. 80.8), economy (79.3 vs. 80.0), quality of life (76.7 vs. 79.9) and stock market (75.2 vs. 79.9). The Middle East’s aggregate score of 78.5 remains higher than that of Asia/Pacific (63.3) and Africa (78.1), as was the case in the previous survey.

More news from